Correlation Between Holitech Technology and Peoples Insurance
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By analyzing existing cross correlation between Holitech Technology Co and Peoples Insurance of, you can compare the effects of market volatilities on Holitech Technology and Peoples Insurance and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Holitech Technology with a short position of Peoples Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Peoples Insurance.
Diversification Opportunities for Holitech Technology and Peoples Insurance
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Holitech and Peoples is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology Co and Peoples Insurance of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Insurance and Holitech Technology is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Holitech Technology Co are associated (or correlated) with Peoples Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Insurance has no effect on the direction of Holitech Technology i.e., Holitech Technology and Peoples Insurance go up and down completely randomly.
Pair Corralation between Holitech Technology and Peoples Insurance
Assuming the 90 days trading horizon Holitech Technology Co is expected to generate 1.21 times more return on investment than Peoples Insurance. However, Holitech Technology is 1.21 times more volatile than Peoples Insurance of. It trades about 0.27 of its potential returns per unit of risk. Peoples Insurance of is currently generating about 0.11 per unit of risk. If you would invest 130.00 in Holitech Technology Co on September 2, 2024 and sell it today you would earn a total of 89.00 from holding Holitech Technology Co or generate 68.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Holitech Technology Co vs. Peoples Insurance of
Performance |
| Timeline |
| Holitech Technology |
| Peoples Insurance |
Holitech Technology and Peoples Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Peoples Insurance
The main advantage of trading using opposite Holitech Technology and Peoples Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology position performs unexpectedly, Peoples Insurance can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Peoples Insurance will offset losses from the drop in Peoples Insurance's long position.| Holitech Technology vs. Cultural Investment Holdings | Holitech Technology vs. Gome Telecom Equipment | Holitech Technology vs. Bus Online Co | Holitech Technology vs. Zotye Automobile Co |
| Peoples Insurance vs. Shandong Mining Machinery | Peoples Insurance vs. Shenzhen Shenbao Industrial | Peoples Insurance vs. Lonkey Industrial Co | Peoples Insurance vs. Dhc Software Co |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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